The amount you spend on social media depends on a number of factors, such as the number of platforms you use, the paid ads you create, and whether you choose to outsource your social media marketing. Now, we admit that strategy is the most important part you have to dedicate yourself to social media marketing with a game plan and list of objectives, or you'll never achieve the ROI you're looking for. But how does that translate into significant numbers for your business? One way to calculate the ROI (return on investment) of your own social media marketing campaign is to measure your quantifiable goals, such as the number of online form submissions or product purchases you get, compared to the amount of money you spend on your social media marketing. The lower to middle range of this spectrum seems reasonable, especially if you add the cost of social media training and competitive analysis.
The work is being done anyway and, for the most part, it doesn't take much time; if competitive analysis is not included, a social media audit can be done in an afternoon. Social media marketing pricing generally includes campaign development and full-time management of one to five social networks. I think excellent points can be made for both sides of the coin: rates of thousands are fully justified for large companies, but there is no way anyone would expect a small business owner to be willing to invest that amount of money on social media. To help you determine the right price for your social media management business, here is a list of questions to ask yourself as a social media consultant, freelancer or agency.
There's no denying that social media marketing can be expensive, but the results of an effective campaign will pay dividends; they'll help your company find new customers and drive sales. While we've seen brands that make it work with this platform, if you're just starting out with social media marketing, that's probably not where you want to start. A community manager will also make suggestions on strategies and tactics for achieving your social media goals. Social media is much, much more than advertising campaigns, so if you're looking for someone to help you build your community, you'll look for the next type of person, the community manager.
As companies move away from traditional employees and budgets for social media marketing increase, there are plenty of opportunities for people to market their social media, design, copywriting, and strategy skills in a job or business.